Financial Advisory

  The Universal Account Number (UAN) serves as a unique identifier for Indian employees across multiple Employee Provident Fund (EPF) accounts. If you wish to reset or change your UAN password, follow these steps carefully using the UAN Login facility: Steps for UAN Password Change: 1. Visit the UAN Portal : Open the official EPFO UAN Member Portal 2. Access UAN Login : Enter your UAN (as provided by your employer) and your current password on the login page. Enter the CAPTCHA code as displayed and click on the "Sign In" button. 3. Navigate to Change Password Option : After successful login, navigate to the "Account Settings" tab located in the header menu and select "Change Password." 4. Enter Old and New Password : Provide your current password in the "Old Password" field. Then, type your desired password in the "New Password" and "Confirm New Password" sections. Follow EPFO's password policy, which mandates a mix of upp...

  Recurring Deposit (RD) schemes offered by post offices in India are considered an effective medium of small savings. The attractive post office RD interest rate , compounded quarterly, ensures secure and consistent returns. In October 2023, the interest rate on the post office RD stood at 6.5% per annum, making it a viable option for individuals seeking risk-free financial growth. Post Office RD offers a standardized tenure of 5 years (60 months). Contributors can deposit a minimum of ₹100 per month, with no cap on the upper limit. Based on the prevailing post office rd interest rate , let’s analyze the returns over this 5-year period. Assume an individual deposits ₹10,000 monthly : - Monthly Deposit: ₹10,000 - Annual Interest Rate: 6.5% (compounded quarterly) - Tenure: 5 Years Using the formula for compound interest on recurring deposits: Maturity Value = [P × (1 + r/n)^(nt)] - P Where: - P = Monthly Deposit - r = Annual Interest Rate (in decimal) = 0.065 - n = Number of compoun...

The recent announcement of the EPFO Minimum Pension Hike brings welcome relief to pensioners under the Employees’ Pension Scheme (EPS). With rising inflation and living costs, an increase in pension benefits is crucial to safeguard the financial wellbeing of retired employees. The hike means enhanced payouts for EPS members, helping them maintain a better quality of life. For pensioners planning their post-retirement finances, understanding the full impact of this hike alongside navigating processes like Form 10c in EPFO is vital. Overview of EPFO minimum pension hike The Employees’ Provident Fund Organisation (EPFO) has increased the minimum monthly pension under the EPS from Rs. 1,000 to Rs. 1,500. This 50% rise is aimed at providing greater financial support to members who have contributed to the pension scheme during their employment. The move aligns with the government’s focus on enhancing social security for senior citizens and low-income retired employees. This hike directly i...

  The Employees’ Provident Fund (EPF) is a crucial component of financial security for salaried employees in India. Maintaining up-to-date information like your mobile number linked to your EPF account is essential for seamless communication and transaction alerts. The process of EPF mobile number change can now be conveniently completed online via the e-KYC portal, eliminating the need for physical visits to EPFO offices. This article provides a detailed walkthrough on how to update your mobile number linked to your PF number using the e-KYC portal, ensuring uninterrupted access to your account and prompt notifications. Essentials to update EPF mobile number using e-KYC portal Before initiating the process, ensure you have the following on hand: - Your Universal Account Number (UAN) linked to your PF number - Aadhaar linked mobile number for e-KYC verification - Valid identification documents if requested by the portal - Active internet connection and a secure device e-KYC verif...

  The Universal Account Number (UAN) has revolutionised the Employees’ Provident Fund (EPF) landscape in India by enabling a seamless, digital approach to managing retirement savings. UAN activation online is a crucial step in leveraging the full potential of PF services. It serves as the primary gateway allowing employees to access and control their PF accounts instantly. In addition, understanding how to add KYC in EPFO is integral to making the most of digital PF services.  Understanding UAN activation online and its importance UAN is a unique 12-digit number allotted to every employee contributing to the EPF scheme. Activating the UAN online is more than just a formality. It is essential for: - Tracking your PF balance and contributions effortlessly. - Requesting online withdrawals and transfers, eliminating tedious paperwork. - Receiving timely notifications on monthly deposits made by your employer. - Accessing detailed PF passbooks and annual statements for transparen...

  Senior citizens in India often prefer fixed deposits (FDs) as a safe and steady investment option to secure their retirement corpus. Among the various FD schemes available, senior citizen fixed deposit rates hold particular importance, offering higher returns than regular FDs to reward the risk-averse and retired population. Understanding what determines eligibility for these preferential rates is vital for investors aiming to maximise their interest income, especially if they are looking for feasible options to earn 10 lakh FD interest per month . Age criteria for senior citizen fixed deposit rates The primary determinant of eligibility for senior citizen fixed deposit rates is age. To qualify for these rates: - The depositor must be 60 years or older at the time of FD account opening. - Some financial institutions may extend the benefit to very senior citizens, typically those above 65, with even higher rates. - Proof of age, such as a PAN card, Aadhaar card, or senior citize...